Welcome to Tax Season: Everything you Need to Know About Cryptocurrency taxes

January 24, 2022
Knowledge Center » Blog » Welcome to Tax Season: Everything you Need to Know About Cryptocurrency taxes

Welcome to tax season! If you're reading this at any point between the end of January and the end of April, it's likely that your head might be spinning with all of the things you need to do. Tax season is hard enough, but now that cryptocurrency is becoming as common as trading stocks, you likely have another piece of work to add to your plate, calculating crypto taxes!

Lucky for you, here at Ledgible we have a team of cryptocurrency tax and accounting experts to help you through. Not only do we have a wealth of content to help CPAs and accountants understand the tax implications of cryptocurrencies and decentralized finance, but the Ledgible Platform is here to automatically calculate your clients' cryptocurrency taxes for you. We're SOC 1 & 2 Audited, have built-in client and team management dashboards, and you can get started without ever having to spend a dime. If you're interested in adding Ledgible to your arsenal of tax products, you can learn more on our Crypto Tax Pro product page here.

Aside from offering industry-leading secure cryptocurrency tax and accounting tools to professionals like yourself, we also have a wealth of helpful tax and accounting information in the News and Knowledge section of our site. We've compiled some of the most helpful guides and pieces of content in this article, curated to be the most useful learning content for tax professionals like yourself.

What are Cryptocurrencies and How are they Taxed?

Cryptocurrencies have taken over the world of consumer and professional finance over the last several years, but how do they actually work? It's probably best to think of cryptocurrencies as digital assets that are secured by cryptography. These transactions are verified through a decentralized network which ensures accurate counting and tracking of the amounts spent. While various cryptocurrencies have unique features, they all use centralized ledgers to track their transactions and maintain security; this is referred to as a blockchain.

Read more here.

How CPAs and Tax Professionals can Prepare for the Crypto Tax Season

It's been over a decade now since Bitcoin has been released. The cryptocurrency landscape today looks a little different than it did back then, significantly due to increased consumer adoption of crypto and other non-traditional finance systems. The cryptocurrency space has evolved to a point where there's no longer much time for tax professionals to prepare for crypto tax reporting in their workflows.

Even though digital assets are still in their infancy in the grand scheme of the financial sector, their adoption rates are accelerating, with institutional and personal adoption growing by the day. Even if you as a tax professional haven't adopted cryptocurrency for your personal or business finance, you're going to have to start understanding how to manage the taxation and accounting aspects of this new digital asset class.

Read more here.

My Clients Traded Crypto (or NFTs) Last Year – What do I do?

enterprise crypto software solutions

I think we can all agree that tax season is one of the most exciting, stressful, and often overwhelming times of the year for tax professionals and accountants. From the IRS' changing guidelines, clients' changing tax situations, and now, new asset classes like cryptocurrencies, decentralized financial products, and NFTs. However, understanding crypto tax doesn't have to be hard.

Read more here.

The Complete Crypto Tax Filing Guide for Professionals

Are you a CPA or tax professional scratching your head about filing crypto taxes for your clients? Or, are you just curious to see what kind of options you have in the crypto tax market. If so, look no further! We've put together your complete guide to crypto taxes. We'll walk you through everything from client and team management to your reporting options.

This guide will give you a high-level overview of all of the available dashboards and menu options available in the leading professional solution for crypto taxes, Ledgible Crypto Tax Pro. We'll also give you step-by-step instructions on how to file crypto taxes for every type of client.

Read more here.

Cryptocurrency Tax & Accounting Software for QuickBooks

Are you looking for a way to account for cryptocurrency and blockchain transactions within QuickBooks? Ledgible offers a seamless API integration that enables small businesses, accountants, and bookkeepers to save time, reduce complexity, and ensure accuracy by automatically syncing QuickBooks with financial information directly from cryptocurrency transactions.

Read more here.

If you need more helpful learning content, check out our Knowledge Base here and our Blog here.

About Trevor English

Trevor is a technology journalist & engineer who has made a career out of engineering and technical communication. His work has appeared on Curiosity, BBC, Interesting Engineering and other sites across the web. Originally the Chief editor for Interesting Engineering back in 2016, he now works with software & tech companies, aiding them in content marketing and technical communication. Currently living in Texas, he’s also a published children’s book author and producer for the YouTube channel Concerning Reality.

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